Ensco announces 14% onshore workforce cuts
Ensco, an offshore driller based in the UK, has said it will lay off more workers in order to reduce cost and improve efficiency.
The company said on Tuesday it would reduce onshore support positions by an additional 14% to achieve an $30 million in annual savings.
It also said it would increase offshore unit labor cost savings to 15% from the previous estimate of nine percent reported in February 2015.
Ensco said it would reduce global operations reporting structure from five to three business units, as the market downturn has disproportionately impacted Brazil and Asia-Pacific.
Brazil will now report to the North & South America Business Unit based in Houston, while Asia-Pacific will report to the Middle East, Africa, Asia & Pacific Business Unit based in Dubai
Europe and the Mediterranean Business Unit is unchanged and continues to be based in Aberdeen.
“This reporting structure consolidation does not change our commitment to the Brazil and Asia-Pacific markets, both of which have significant long-term growth potential. In conjunction with this business unit restructuring, we further reduced onshore positions and centralized certain support functions,” the company said in a statement.
- Offshore Energy Today
- Published on:
- September 9, 2015
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